Aquarian to Acquire Controlling Interest in Somerset Re and Contribute Additional Equity Capital to Support Further Growth
Summary
The company, which has grown 93% per annum to $5 billion in assets under management as of December 31, 2021, intends to continue its liability-focused approach to providing a strong professional reinsurance option to the market. We look forward to further developing and scaling Somerset Re alongside CEO Jeff Burt and the management team, in partnership with their strong strategic shareholders.” Added Mr. Burt, “I am delighted to partner with Aquarian and welcome their strategic investment in our platform as we continue to build on our well-established track record of success, alongside the continued support of our founder George Weiss and Hannover Re. Aquarian brings highly differentiated asset-management capabilities focused on the insurance market that will add to our long-term partnering and solution-oriented approach to servicing our customers.” Mr. Weiss said, “As CEO of Weiss Multi Strategy Advisers, I’ve been in this business for 43 years and as the founder of Somerset Re, I am absolutely delighted to partner with Rudy Sahay and the Aquarian team. I see great things ahead for this combined organization.” Dr. Klaus Miller, Member of the Executive Board of Hannover Re, added, “We are pleased with the recognition of the success in our current investment and look forward to continuing our successful relationship and growing our collective businesses into the future.” Colin Savage, Managing Director and Head of North American Investments for Atlas Merchant Capital, said, “We are very proud to have been part of the Somerset growth story with Jeff and the team in building a leading life reinsurance franchise over the past six years and wish them continued success for the future.” Citi and RBC Capital Markets acted as financial advisors to Aquarian Holdings with Skadden, Arps, Slate, Meagher & Flom LLP, Walkers (Bermuda) Limited, and Arthur Cox LLP acting as legal advisors. We draw on our decades of collective experience to provide debt and equity capital solutions that meet the objectives of our partners and portfolio companies.